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Covid and Real Estate

Covid

Real Estate as Essential Service

Below is a great article published by RE/MAX on it’s blog.  Great insight into safety measures and our excellence service.

Those engaged in the Ontario and London real estate market right now are likely wondering what’s allowed and perhaps more importantly, what’s not allowed, under the new province-wide Stay-At-Home order that took effect last week. The emergency order is the third of its kind, in response to record-high COVID-19 case counts and particularly in light of the more-contagious and deadlier variants. To help clarify things from a real estate perspective, here’s what homebuyers and sellers need to know.

Why have the new rules been imposed?

The current Stay-At-Home order aims to reduce mobility to curb the spread of COVID-19, which is now officially into its third wave. The threat to overwhelm the health-care system is palpable, with the number of positive cases hovering at a record-high, alongside rising hospitalizations and ICU occupancy. The Ford government increased restrictions last week, requiring everyone to stay home except for essential reasons including grocery shopping or attending the pharmacy, accessing health care services (including vaccination appointments), to get outdoor exercise, or for work that cannot be done from home. This means tighter rules for restaurants (now closed for dine-in) and restrictions on retail of non-essential goods. Indoor events and social gatherings are not permitted, except with members of your own household (or one other household, if you live alone). Outdoor gatherings are also limited to those from the same household. Schools have transitioned to online learning following the delayed Spring Break. And starting today, Ontario’s borders with Manitoba and Quebec will have checkpoints, only allowing for “essential travel.” Real estate continues to operate under strict guidelines, having been classified as an essential service at the beginning of the pandemic. Meanwhile, the race is on to get vaccines into arms as soon as possible, with the province ramping up efforts by expanding the phased roll-out to include high-risk populations including front-line workers, and “hot-spot” neighbourhoods.

The new measures took effect on April 8 across Ontario and are expected to remain in place for at least four weeks.

What’s the impact on real estate agents and real estate activity?

There were no changes to buying a house in London or selling your home. However, the State of Emergency does mean that open houses are prohibited in regions under the shutdown and stay-at-home orders, but property showings are permitted by appointment only. The Real Estate Council of Ontario has further recommended that real estate brokers and real estate agents limit showings to situations where they are necessary.

Ontario real estate and COVID-19:

It’s no secret that the global pandemic has dramatically impacted the Ontario real estate industry, from how agents perform their day-to-day duties, to how consumers engage in the market. The pandemic has been a fixture since early spring, so many of the rules and “best practices” that were established at that time remain in effect as we move through this third wave:

Masks are required in indoor and outdoor public spaces, when social distancing is not possible. This recommendation was made as part of the second Stay-At-Home order.

Real estate remains an essential servicewhich means transactions can continue under strict guidelines. While agents are advising their clients to “hold off” on selling their homes right now if they can avoid it, it’s important to recognize that under certain circumstances, delaying the transaction is not an option.

Open houses are banned. There are no exceptions to this rule, and it will remain in place until the Province lifts lockdown restrictions.

In-person showings are permitted by appointment only, when required. Real estate agents are required to follow the rules set out by provincial and municipal public health agencies, including those around indoor gatherings. Attendance must be limited to those party to the transaction. (Translation: don’t bring the kids or extended family.) Masks must be worn at all times, and surfaces/hands must be sanitized before and after showings.  Whether it is buying a Condo or looking homes on sale in London Ontario – safety is first.

Virtual real estate transactions and digital tools replace in-person contact whenever possible.

The good news for Ontario real estate

Canadian real estate has been surprisingly resilient amidst this public health crisis and the economic fallout. The government and other organizations quickly stepped to offer financial relief to Canadians impacted by the pandemic, and the Bank of Canada reduced its key interest rate to an unprecedented 0.25% in an effort to stimulate the economy. Despite a deep but short-lived decline in housing market activity last spring, residential sales and prices quickly rebounded from coast to coast, with Ontario real estate posting record growth in 2020. The trend continues thus far in 2021.

RE/MAX continues to be committed to safe transactions. Government recommendations at the federal, provincial, and municipal levels are constantly changing. At RE/MAX, we want to offer homebuyers and sellers stability and comfort knowing your real estate needs are still being met in a safe and responsible manner. REMAX.ca continues to offer up-to-the-minute listings, accurate home estimates, and timely, valuable real estate news on the RE/MAX Canada Blog — especially important at this time. While RE/MAX remains open for business, our agents and brokers are taking all necessary precautions as recommended by the various health agencies and government.

 

 Your safety is important to us.  Call today to book a free consultation for your Free Home Evaluation or finding your dream luxury home for sale in London Ontario using the Multiple Listing Service (MLS).

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